What is the executor’s fee on an estate?

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What is the executor’s fee on an estate?

I am executrix to my mother’s estate. She passed away over 3 1/2 years ago. The estates total worth at date of death as per the US Estate Tax Return, was $811,700.00. Can you share the amount and how you arrived at that amount?

Asked on June 23, 2011 under Estate Planning, New Jersey

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Under NJ law, an executor/executrix is generally entitled to the following fee:

a. 6% on all estate income;
b. 5% of the estate up to $200,000;
c. 3.5% on excess above $200,000 up to $1,000,000;
d. 2% on excess over $1,000,000 or such other percentage as the Superior Court may determine. 

There are different rules for commissions when there is more than one Executor or when the Executor has rendered unusual or extraordinary services.  In some cases family members may choose not to accept (waive) fees; however a decision to do so should be made only after the legal (who will get the money) and tax (what is the cost of the lost deduction) issues are considered.


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